Dogecoin’s rival, Shiba Inu (SHIB), broke into CoinMarketCap’s top 20 rankings just a couple of days ago. Probably a response from traders to the hype surrounding Dogecoin (DOGE).
When Binance announced that it would include SHIB in its innovation zone (a high-risk trading function) on Monday morning, the token’s valuation more than doubled in the space of two hours. Rising from USD 0.000013 to USD 0.000032.
Binance, which also owns CoinMarketCap, announced that it would open SHIB for trading in its innovation zone on May 10. Binance’s announcement said of Shiba Inu:
«SHIBA INU (SHIB) is an experiment in building decentralized communities and another meme currency similar to Dogecoin».
SHIB is SHIBA INU’s native token and it will be the first token to be listed and used as an incentive to use ShibaSwap, a decentralized exchange. Despite Dogecoin Rival Shiba Inu listed on the exchange, its CEO, Changpeng Zhao, explained through his Twitter account the reasons why he does not endorse Shiba Inu.
Shiba Inu is added to another exchange as SHIB deposits saturate Binance
Shiba Inu (SHIB) was listed on three different crypto exchanges in the last 48 hours. After an explosive increase of 966% in the same time frame sent the token to 18th place in the market capitalization rankings.
Self-described as the ‘Dogecoin Killer’ or ‘Dogecoin Killer’, SHIB’s instantaneous addition to Binance on Monday stunned viewers. Many of whom were expecting a deeper listing process by the world’s largest cryptocurrency exchange.
Furthermore, the fact that 50% of the SHIB token supply is in the hands of one person made Binance’s decision to add the token so quickly even more surprising.
Shiba’s team intentionally sent 50% of the 1 trillion token supply to Ethereum co-creator Vitalik Buterin as a means of putting the tokens out of circulation. The other 50% was apparently sent to the Uniswap app to provide liquidity. In doing so, the creators claim to have created a decentralized token, the fate of which will be decided solely by the market.
Binance CEO addressed the Shiba Inu issue
Binance founder and CEO Changpeng Zhao spoke on the Shiba Inu issue and told his Twitter audience that the exchange was simply following user demand. Zhao said that the demand to trade SHIB was so high that Binance ran out of deposit addresses for the Ethereum-based token:
«Some have raised concerns about SHIB’s listing. We follow users. There are a lot of users demanding it, to the point where today we are running out of ETH deposit addresses due to SHIB. It has never happened with any other ERC20 coin».
«I do not approve. It is a very high risk. Nothing more to say», He added.
Elon Musk conducts a Twitter poll on whether Tesla should accept Dogecoin
The poll had received more than 500,000 votes in the 20 minutes after it was publication, and the overwhelming majority (75%) answered “Yes.”
The Tesla CEO appeared on “Saturday Night Live” on May 8 in which some jokes about DOGE caused a drop in the price of meme-based crypto.
Elon Musk was previously known to talk about crypto on his Twitter page. And he first announced through a tweet in March that Tesla vehicles could be bought with Bitcoin.
He described DOGE as his “favorite cryptocurrency” on Twitter in April 2019.
Thanks in part to Musk’s tweets, the price of Dogecoin has risen nearly 11,000% to date.
The survey has caused a rebound in the price of DOGE, trading at $ 0.50 at the time of writing. According to our internal tool, Crypto Online.